Acacia Communications Inc. (ACIA) Short Interest Update
Acacia Communications Inc. (NASDAQ:ACIA) was the recipient of a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 4,611,658 shares, a growth of 53.9% from the October 31st total of 2,996,189 shares. Approximately 40.2% of the company’s shares are short sold. Based on an average trading volume of 2,767,226 shares, the short-interest ratio is currently 1.7 days.
In other news, VP Christian J. Rasmussen sold 98,846 shares of the company’s stock in a transaction on Thursday, October 13th. The stock was sold at an average price of $96.50, for a total transaction of $9,538,639.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Matrix Partners Viii L. P sold 1,445,307 shares of the company’s stock in a transaction on Thursday, October 13th. The stock was sold at an average price of $96.50, for a total value of $139,472,125.50. Following the sale, the insider now directly owns 10,646,247 shares in the company, valued at approximately $1,027,362,835.50. The disclosure for this sale can be found here.
Large investors have recently added to or reduced their stakes in the stock. Kornitzer Capital Management Inc. KS purchased a new stake in Acacia Communications during the second quarter worth about $6,389,000. Gilder Gagnon Howe & Co. LLC bought a new position in Acacia Communications during the second quarter valued at $12,294,000. Bank of New York Mellon Corp bought a new position in Acacia Communications during the second quarter valued at $615,000. California State Teachers Retirement System bought a new position in Acacia Communications during the second quarter valued at $439,000. Finally, State of New Jersey Common Pension Fund D bought a new position in Acacia Communications during the second quarter valued at $999,000. Institutional investors and hedge funds own 51.42% of the company’s stock.
Shares of Acacia Communications (NASDAQ:ACIA) opened at 69.26 on Thursday. The firm has a market cap of $2.59 billion and a price-to-earnings ratio of 31.86. The company’s 50-day moving average is $78.23 and its 200-day moving average is $73.35. Acacia Communications has a 12 month low of $27.05 and a 12 month high of $128.73.
Acacia Communications (NASDAQ:ACIA) last released its earnings results on Thursday, November 10th. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.15. Acacia Communications had a net margin of 22.18% and a return on equity of 69.87%. The business had revenue of $135.30 million for the quarter, compared to the consensus estimate of $130.85 million. During the same period in the previous year, the firm earned $0.29 EPS. The business’s revenue for the quarter was up 106.8% on a year-over-year basis. On average, equities research analysts forecast that Acacia Communications will post $3.16 earnings per share for the current fiscal year.
Several research firms recently commented on ACIA. Deutsche Bank AG increased their target price on Acacia Communications from $90.00 to $125.00 and gave the company a “buy” rating in a report on Friday, September 9th. Bank of America Corp. restated a “buy” rating and issued a $130.00 price objective (up previously from $88.00) on shares of Acacia Communications in a research note on Sunday, September 4th. Needham & Company LLC upped their price objective on shares of Acacia Communications from $65.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, August 12th. Goldman Sachs Group Inc. reiterated a “neutral” rating on shares of Acacia Communications in a research note on Wednesday, October 12th. Finally, Cowen and Company reiterated an “outperform” rating and set a $99.00 target price (up previously from $90.00) on shares of Acacia Communications in a research note on Thursday, November 10th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Acacia Communications has an average rating of “Buy” and an average target price of $100.67.
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About Acacia Communications
Acacia Communications, Inc is a provider of coherent interconnect products for communications networks relied upon by cloud infrastructure operators and content and communications service providers. The Company’s product family includes AC100-MSA, AC100-CFP, CFP2-ACO and AC400 Flex. Its AC100-MSA product family includes AC100-G, AC100-S and AC100-C.
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